Progress on the Privatisation of Albania's State Oil and Gas Company, Albpetrol -- TIRANA, Albania, December 11, 2012 /PRNewswire/ --

Progress on the Privatisation of Albania's State Oil and Gas Company, Albpetrol

TIRANA, Albania, December 11, 2012 /PRNewswire/ --

Vetro Energy has confirmed that it has been asked to submit a performance guarantee in connection with its negotiations for the acquisition of Albania's State Oil and Gas company, Albpetrol. The requested guarantee is for 20% of the consideration. Vetro Energy further confirms that, although there is still significant work ahead and a guarantee of this nature is customarily submitted only after a formal contract is signed, it is prepared to provide such a performance guarantee.

Mr. Rezart Taci (http://www.rezarttaci.com), the majority shareholder of Vetro Energy, stated: "We have requested a number of additional documents from the Government, which we require. In response the Government has asked for a performance guarantee, which Vetro Energy is pleased to provide, and will be in place within the next few days. These are complex discussions and there is a great deal of detail involved. The delay is not entirely surprising in such circumstances, and I am very confident that we will finalize negotiations and reach a successful conclusion."